ISSB Warns of Elder Financial Abuse
Posted
on Friday, June 23, 2023
in
Articles
Iowa State Savings Bank warns that elder financial exploitation costs victims billions of dollars each year. Fraudsters target older Americans because they typically have a higher net worth than younger demographics. Fraudsters tell lies, make threats, and use emotional manipulation to carry out their scams.
As part of World Elder Abuse Awareness month, Iowa State Savings Bank is committed to educating community members on common red flags and important steps to safeguard assets and your identity.
ISSB President Adam Snodgrass said, “The occurrence of financial fraud and financial abuse cases in the United States has increased significantly during recent years, and the elderly are frequently targeted by fraudsters. ISSB is providing public education and using marketing resources to improve awareness of this growing problem. Our goal is to empower community members so they can detect, deter, and prevent fraud. We also provide our employees with ongoing training to stay updated on the latest fraud trends. We encourage anyone who thinks they may be involved in a financial fraud, or anyone who thinks they may be a victim of financial abuse, to seek our assistance.”
Older adults can help protect themselves from financial exploitation by following these tips:
Don’t give out information or money to anyone that calls.
Keep your social security, bank account, debit, and credit card numbers to yourself.
Never let a new or untrusted “advisor” pressure you into sharing financial details.
Do not answer phone calls from numbers you don’t recognize.
Financial caregivers should keep well-organized financial records, including up-to-date lists of assets and debts and a copy of all financial transactions to better spot discrepancies in their loved one’s finances. Change is a red flag. Look for changes in transactions, bank accounts, and even personality or appearance.
Iowa State Savings Bank presented at the Money Smart for Older Adults Program hosted by Connections Area Agency on Aging in June. They continue to educate community members on their Facebook page and website. You can contact Iowa State Savings Bank for financial fraud advice at www.ISSBbank.com or call 641-782-1000.